Analysts Set Iridium Communications Inc (NASDAQ:IRDM) PT at $25.40

Iridium Communications Inc (NASDAQ:IRDM) has earned a consensus rating of “Hold” from the seven ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $25.40.

A number of equities analysts have commented on the stock. BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Tuesday, February 17th. Morgan Stanley lifted their price target on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $23.95 on Friday. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $33.34. The business has a 50 day simple moving average of $20.65 and a two-hundred day simple moving average of $19.50. The stock has a market capitalization of $2.51 billion, a PE ratio of 22.59, a P/E/G ratio of 1.68 and a beta of 0.60.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. On average, research analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IRDM. Invesco Ltd. raised its stake in shares of Iridium Communications by 12.0% in the fourth quarter. Invesco Ltd. now owns 994,205 shares of the technology company’s stock valued at $17,279,000 after acquiring an additional 106,856 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Iridium Communications during the 4th quarter valued at about $193,000. State of Tennessee Department of Treasury grew its holdings in Iridium Communications by 47.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 48,695 shares of the technology company’s stock valued at $846,000 after purchasing an additional 15,752 shares during the last quarter. Empowered Funds LLC raised its position in Iridium Communications by 4.4% in the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock worth $197,000 after purchasing an additional 478 shares during the period. Finally, VARCOV Co. bought a new stake in Iridium Communications in the fourth quarter worth about $947,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.